Tax Consultant

Individual income tax or personal income tax is a tax on income of the person. Income includes wages, salaries, and other earnings such as interest earned by saving accounts, rents, royalties earned. Capital gains are also income, profits from the sale of stock, real estate, or other investments.
Some countries require the citizens to file an individual income tax return each year. Each taxpayer must compute his or her tax liability. This computation involves four major steps. (1) The taxpayer computes adjusted gross income-one’s income from all taxable sources minus certain expenses incurred in earning that income. (2) The taxpayer converts adjusted gross income to taxable income-the amount of income subject to tax-by subtracting various amounts called exemptions and deductions. (3) The taxpayer calculates the amount of tax due by consulting a tax table, which shows the exact amount of tax due for most levels of taxable income. (4) The taxpayer subtracts taxes paid during the year and any allowable tax credits to arrive at final tax liability. After computing the amount of tax due, the taxpayer must send this information to the government and encloses the amount due.
Income taxation will refer to everyone who have level of income. Usually, rich people will pay income higher than poor people to government. However, individual income tax is hard to administer because measuring income is often difficult. For example, farmers provide field hands with food, and corporations may give employees to access to company cars and free parking spaces. For more details on your individual income tax, you can consult to a tax consultant.

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